Bloomberg is reporting that Nigeria’s first gold refinery will start operations next year.

The reputable American publication quoted the local company developing it, Kian SMith Trade & Co Ltd as saying that Nigeria’s first gold refinery, located in the south-western state of Ogun, is scheduled to be completed by the end of June, 2019.

Kian Smith was further quoted to have said that the refinery will initially be able to produce 3 metric tons of gold each month, and 1 ton of silver and that it will supply the nation’s central bank, as well as the jewelry and electronic industries, and source its gold from states such as Zamfara, Kebbi and Kwara.

When completed, this will be a major boost for Nigeria, and the government of President Muhammadu Buhari, in diversifying its economy and reducing its over-dependence on oil as means of earning foreign-exchange and financing infrastructural development.

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